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on november comps. gap, macy's, target, all disappointing. is it all due to sandy and what does it mean for the holidays. >> tiffany is not a statement on lucksy, but rather company specific. >> quite near meets with the president today. . >> and we have another upgrade for research in motion. this time at goldman-sachs saying the blackberry 10 will not only beat expectations but also put the company in the black by fiscal '14. >> target, macy's and kohl's reporting unexpected declines. number of retailers blaming sandy for the lackluster results, david and jim. they say the second half of the month wasn't so bad, but still a lot of white knuckles as somebody said about the holidays. >> i think that one of the untold stories may still be exactly how bad sandy was. sandy is going to turn out to be a $100 billion storm. but i think it's a shutdown. it was the shutdown of a major part of the infrastructure of the nation. i'm going to go with the retailers who blame sandy. i'm going to take them at face value. >> so macy's they say record setting volume when it comes to thanksgiving, but th
some big sales but some of it was because of super storm sandy. our phil lebeau is behind t wheel in chicago. >> we knew this would be a better than expected november and look at these numbers. generally speaking with a few exceptions, all of the automakers reported better than expected results last month. gm being one of the exceptions, being just a little bit below expectations. what did we see last month? the sales pace is going to come in probably about 15.2 million, first time over 15 million since early '08. we talked about sandy helping sales. there was also the economy. ford talked about that during the conference call today. ford raised its q1 production by 11% to 750,000 vehicles. compare that to the story of general motors. this worries people from today's auto sales results. gm warning it may cut truck production due to inventory build-up. they're at 139-day supplies of pick-up trucks. some of that is because they built up earlier this year for transition into a new truck. they've been targeting 80 to 85 days truck production. 139 days concerns a number of people. one
. >> you have a combination of 11 year old age of autos, destruction of -- by the way, sandy was an auto destroyer. loss of life. horrible. terrible. it also took out many more cars than people realize. you have to pump overtime to be meet the demand. >> we're still adding up sandy and figuring that out. we're far from figuring that out. hundreds of thousands of automobiles. where are we? 15 plus at the end? >> it's possible. 15. it puts people to work in the country. they don't just add in mexico. mexico is booming. fabulous moment for mexico. they will add in this country too. >> there's talk that their share of the market in the northeast, the big three, is not as high as it is in the rest of the country. we live in part of the country where incomes are higher. you may see better numbers out of bmws and mercedes. >> i don't know the percentage that's brought into the new jersey, new york area, the ones that you always see when you go over a bridge and you look down and this is new york -- i don't mean to be too centric. the foreign cars have to replenish quickly. american cars have to
superstorm sandy. find out at 8:30 a.m. eastern. and cut! very good. o geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> welcome back to "squawk box" everyone. the futures right now are at this point right around the flat line. we had seen the dow futures up by 15 points or so, it's come back down but probably a lot of people waiting to see what happens in washington because it's been driving trading for several weeks. >>> honda is expecting within two years it will export more vehicles than it imports from japan. the company says the factories will take on a larger role in global product development at that point. >>> all right, i've been wanting to ask larry some specific questions and i'm going to do it now because actually some of the stuff you talk about doug oberhelm, you teach economics, you're an economic sage so the mantra and we heard it again that if we could get rid of the, which is hard, but is the obama's administration resi
them some money. still to come, we'll get behind the wheel of hurricane sandy may have boosted the bottom line of automakers last month as americans replaced cars and trucks lost to the storm. we'll go inside the figures with the chief economist from the national automobile dealers association. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express [ maby december 22nd break from the holiday stress. for christmas delivery. >>> auto make irmaker sales for rise as consumers in the northeast replaced vehicles damaged or lost to hurricane sandy. sales also likely boosted by pent up demand. joining us is paul taylor at the national automobile dealers association. paul, good morning to you. how much of this demand rise are we going to see will be sandy rebound from sandy and actually real demand? >> we have low interest rates and old cars on the road. so a lot of the demand is real demand. but the other thing is that all the check
shopping season is going so far. we know that those november retail sales reflected sandy and some other one-time issues. what do you think really is happening behind the scenes in terms of what's happening for holiday shopping? >> well, i think it's the same story every year. the promotions start early, black friday's always a big weekend, this year was no different, and it depends on who you listen to nrf was very optimistic about the estimates, gallup was not so much, and then the sandy-related numbers. there are clear winners and losers here. it's the sandy blameathon, clearly, but some of the winners and losers walmart and limited. >> walmart and limited. who do you think is in trouble. we saw gap shares down by 7%. is that a reflection of the dividend they won't be paying or the special dividend. is there something more with what's going on with stores there? >> well, i think everybody's nervous now, certainly. again, after you saw the tough numbers in november, the question is, do retailers get nervous? do they press the pedal in terms of more and more promotions? gap yesterday wa
my number. say add it up to $4 trillion for me. >> that's a good point. >> tom, right after sandy, a couple weeks ago or three weeks eeg y ago you were talking about sandy being twice the size of katrina but the wind speeds weren't as much and it wasn't going to affect all state. did you see christie and cuomo? are those real numbers? is that what they'd like to see from the feds or is it worse than what you thought on november 1st? itz's worse than what we thought out. it will cost us 1 billion 75 doll lars. it is a significant event. it's significant flooding. that's not typically konked by us but by the government if you buy their policy. unfortunately very few people buy coverage. so unfort flatly there's a bunch of people whose homes got wrecked and that's what cuomo and christie are seeking. our government has a hit of going back to the state and saying, sorry you didn't buy insurance, here's some money and they'll do it again. they're trying to negotiate as to how much they get. >> allstate's ceo tom wilson. we appreciate your time. >> thank you. >>> when we return, we'll h
chief, speaking this morning. >> some important comments. hurricane sandy was directly in his district so he made some comments about it. he said that the damage was worse than first anticipated. that's something we've been talking a lot about. original number was $50 billion. it's in the $70 billion to $90 billion range. it is probably going to shave a quarter to half a point off gdp. you talked about the fiscal cliff which he says congress and the president must address. he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came ou
of things. sandy continues to make me feel these numbers are too difficult. i find them unfathomable. the speech is about way too much unemployment and very unfathomable in terms of the actual destruction. you got numbers from two different governors. they are unusually low. i don't trust any number during this period. >> especially the number we'll get a week from today which estimates for nonfarm are not that good. 75 maybe. sandy will continue to ring in our ears for the next few weeks. >> and then i believe you're going to get when you get supplies rebuilt and enough bricks and enough lumber. did you see that lumber hit a six-year high yesterday. >> wow. >> copper. a lot of people talking about short buy on copper. everyone saying it's about china. a lot of copper comes from scrap and the scrap in the northeast where there's a huge amount of copper, it's extraordinary. a lot of equipment is stalled. >> think of the copper wires here downtown eroded because of exposure to salt water that need to be replaced. >> when i hear the things that have been thrown away, the 500,000 cases o
shopping season. superstorm sandy knocking the wind out of consumers up and down the east coast. joining us to talk about the retail sector is davidberman, founder of hedge fund derden capital. thank you for coming in today. it is great to have you here. we looked at the retail numbers yesterday. and a lot of companies were saying it was just superstorm sandy. it shut down the stores in some cases or kept consumers at bay. how do you think we will fare to the holidays? >> yesterday was big day for retail. those that roar yesterday, genuinely speaking had poor numbers. we knew it was the hurricane. we knew it would be weak. you know. it was supposed to be adjusted in the expectations. numbers came in way below expectations. some of the stocks got hammered, macy's, kohl's. we are trying to make sense of what that means. we when you go through each retailer in the numbers, really the first half -- businesses really slowed. first two weeks. anything we think of, not the hurricane itself. must have been the concern, you know, about the hurricane and people watching tv. people focused on that. al
important jobs report of the century. this is a squirrelly one in part because we have the sandy effect in there and i think joe's right, there is going to be to an extent a sandy effect in there. i just want to show you first the claims chart. this is the chart we've been putting up every week since hurricane sandy came through and the pattern of sandy jobless claims relative to katrina. if we don't have that chart -- there it is, great. it goes up and now we're in the down. it may pop back. but the trouble is that the big surge there is probably in the week of -- or is going to affect the week of the employment survey. >> the last week. >> and now, guys, if you have the next one back there, i don't know if you have it, you can see there what we show there is we're looking for only 80,000 jobs on friday. 95 in the private sector. that's a big jobs -- it might be hurricane related, but it could also be cliff related. there's these two things just backing up what joe said, folks, we've got enough to worry about without the stuff that we could probably fix and move on, there's enough goin
here, sandy was terrible. that will subtract from growth. we also have the little twinkie strike which is something that everybody's worried about, so that will subtract. so when you net all those things out, you'll probably get a number closer to 90,000. but when you net those things out, you know in future months you'll get more growth. 2 pch 2.7, a lot was inventory based. so economic growth probably gets weaker. but as the rebuilding takes prar place, the strike resolved, no jobs no doubt. >> so in the meantime we go back above 8%? >> i think there's a chance that you can touch 8%, but i think you'll stay somewhere near the 8% range. >> if you had to make a prediction like i did, i had to make a prediction for where unemployment would be a year from now. i said somewhere in the 7s. >> i think by the end of next year you'll get a near somewhere in the neighborhood of 7.4, 7.5. still in the 7s. because again, we are going to glow next year something close to 2% and probably a little bit below that. that's not consistent with a huge deceleration of the unemployment rate. >> unless the
Search Results 0 to 11 of about 12